Germany’s gaming authority Die Gemeinsame Glücksspielbehörde der Länder (GGL) has approved Okto's wallet solution. This will allow sports betting companies to use the e-wallet payment service in Germany.
The company's solutions have been created to comply with the Payment Services Supervision Act (ZAG), to ensure payments to or from a gaming account are processed via a payment account in the player's name.
Mikhail Ovsepyan, Head of Germany at Okto: “This approval by the GGL, Germany's gaming authority marks a significant milestone for Okto. The whitelisting means that any online operator can use OKTO’s wallet solution in Germany, and with its cutting-edge technology and commitment to responsible gaming, OKTO is poised to become a major player in the German iGaming industry.”
Additionally, following approval from the German Gaming Authority, Okto's e-wallet solution is ready to be introduced by Bet.3000 and other operators who have previously signed on are anticipated to do the same.
In accordance with all payment and gaming laws, Okto also intends to provide new products that have been specially tailored to cater to the specific needs of the German market.
Recently, Okto was approved for use in Madrid.
Nacho Frade, Commercial Director & Country Manager Spain at Okto, said of that deal: “This is a significant milestone for us, and we believe it is a clear indication that electronic payments in the retail gaming industry are here to stay.
"We look forward to working with our operator partners to provide them with the tools they need.”